USDJPY formed a short term cycle top at 90.45

Franco Shao from ForexCycle.com at 10/15/09

 

USDJPY formed a short term cycle top at 90.45 level on 4-hour chart. Range trading between 88.83 and 90.45 is possible later today. However, the price action from 90.45 is more likely consolidation of uptrend from 88.01, another rise to test 90.45 key resistance is still possible after consolidation, and a break above this level will indicate that the downtrend from 97.78 (Aug 7 high) has completed at 88.01 level already, then the following uptrend could take price to 92.00 or even 94.00 zone. On the down side, below 88.83 will signal another fall to test 88.01 key support.